Required information IThe following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co.: 95,000 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 24 14,990 1,580 29,775 Additional information: - For employees, FICA tax rates for 2018 were 7.65% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit. - For employers, FICA tax rates for 2018 were also 7.65% on the first $118,500 of each employee's annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $14,800 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual limit.

Required information IThe following information applies to the questions displayed below.] The following summary data for the payroll period ended December 27, 2018, are available for Cayman Coating Co.: 95,000 Gross pay FICA tax withholdings Income tax withholdings Group hospitalization insurance Employee contributions to pension plan Total deductions Net pay 24 14,990 1,580 29,775 Additional information: - For employees, FICA tax rates for 2018 were 7.65% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit. - For employers, FICA tax rates for 2018 were also 7.65% on the first $118,500 of each employee's annual earnings. The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $14,800 of the gross pay amount for the December 27, 2018, pay period was owed to employees who were still under the annual limit.

Name: I need all of the journal entry chart please a-2. Assuming that Cayman
Uploaded: 2024-03-04T10:43:15.000Z
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Description: I need all of the journal entry chart please a-2. Assuming that Cayman Coating Co.'s payroll for the last week of the year is to be paid on January 3, 2019, record the journal entryto show the effects of the December 27, 2018, entries for Accrued pay

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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